Nucor Corporation (NUE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Nucor Corporation (NYSE:NUE) from a sell rating to a hold rating in a research note released on Thursday morning.

According to Zacks, “Nucor recorded a year-over-year decrease in earnings (on a reported basis) in third-quarter 2017. Adjusted earnings however, beat the Zacks Consensus Estimate, while sales trailed. Nucor has underperformed the industry it belongs to over the past six months. The U.S. steel industry is not out of the woods yet. The industry continues to be adversely affected by cheaper imports. Weakness in plate mills is also likely to weigh on the company’s steel mills unit in fourth-quarter 2017. However, Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. It is also seeing continued momentum in the automotive market.”

A number of other research firms have also issued reports on NUE. Credit Suisse Group lifted their price objective on shares of Nucor Corporation from $63.00 to $67.00 and gave the company an outperform rating in a research note on Friday, October 20th. Bank of America Corporation restated a buy rating and issued a $73.00 price target on shares of Nucor Corporation in a research note on Wednesday, September 6th. Citigroup Inc. set a $66.00 price target on shares of Nucor Corporation and gave the stock a buy rating in a research note on Friday, October 20th. Cowen and Company restated a market perform rating and issued a $63.00 price target (up previously from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Finally, Berenberg Bank restated a buy rating and issued a $77.50 price target on shares of Nucor Corporation in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Nucor Corporation has a consensus rating of Hold and a consensus price target of $67.32.

Nucor Corporation (NYSE NUE) traded down $0.69 on Thursday, hitting $55.83. 2,552,000 shares of the company traded hands, compared to its average volume of 2,363,350. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.13. Nucor Corporation has a twelve month low of $51.67 and a twelve month high of $68.00. The firm has a market capitalization of $17,749.31, a PE ratio of 16.42, a PEG ratio of 1.25 and a beta of 1.59.

Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.78%. Nucor Corporation’s revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. research analysts expect that Nucor Corporation will post 3.72 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 29th were issued a dividend of $0.3775 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.70%. Nucor Corporation’s payout ratio is presently 43.90%.

In other news, insider Ladd R. Hall sold 17,583 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $57.94, for a total value of $1,018,759.02. Following the transaction, the insider now owns 206,406 shares in the company, valued at approximately $11,959,163.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total value of $137,900.00. Following the completion of the transaction, the director now owns 33,573 shares in the company, valued at approximately $1,851,886.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,217 shares of company stock worth $2,608,231. Corporate insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Jennison Associates LLC increased its holdings in shares of Nucor Corporation by 1.4% in the 2nd quarter. Jennison Associates LLC now owns 7,140 shares of the basic materials company’s stock valued at $413,000 after purchasing an additional 99 shares during the period. CWA Asset Management Group LLC increased its holdings in shares of Nucor Corporation by 7.1% in the 2nd quarter. CWA Asset Management Group LLC now owns 35,994 shares of the basic materials company’s stock valued at $2,083,000 after purchasing an additional 2,380 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Nucor Corporation by 8.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,237 shares of the basic materials company’s stock valued at $2,676,000 after purchasing an additional 3,792 shares during the period. Swiss National Bank increased its holdings in Nucor Corporation by 3.1% in the second quarter. Swiss National Bank now owns 1,163,561 shares of the basic materials company’s stock worth $67,335,000 after buying an additional 35,100 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in Nucor Corporation in the second quarter worth approximately $3,598,000. Institutional investors own 74.75% of the company’s stock.

About Nucor Corporation

Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).

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